Colombian stocks surged Monday following a sharp rebound in U.S. stocks triggered by hopes of a pact in Europe stemming the region’s sovereign debt-crisis.
The Colcap index, the benchmark for Colombian shares, is up 2.2% in morning trading to 1515.23 points. The index has declined for nine straight sessions as was down 18.70% so far this year up to Friday.
The gains Monday are led by Pacific Rubiales Energy (PRE.T, PEGFF), a Toronto-based oil firm that ranks as Colombia’s top private oil producer. The company’s shares, which were pummeled last week, are up 5.14% to COP38,900.
Shares of state-run oil Ecopetrol SA climb 2.05% to COP2.48%.
The Colombian peso, meanwhile, strengthens against the dollar and trades at COP1,942.35 from 1,958.95 on Friday.
